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Costco Q2 earnings snapshot

Net sales for the quarter increased 5.7% to $57.33B
3/8/2024
Exterior shot of Costco's new store in Kelowna, B.C.
Canadian sales increased by 9.2% in the quarter.

Costco Wholesale Corp. announced its operating results for the second quarter and the first 24 weeks of fiscal 2024, ended Feb. 18.

Net sales for the quarter increased 5.7%, to $57.33 billion, from $54.24 billion last year. Canadian sales increased by 9.2%.

Net sales for the first 24 weeks rose 5.9%, to $114.05 billion, from $107.68 billion last year.

According to the company, net sales were negatively impacted by approximately one and one-half percent for the quarter and by approximately one-half percent for the first 24 weeks of fiscal 2024 from the shift of the fiscal calendar, as a result of the 53rd week last year.

Net income for the quarter was $1,743 million, $3.92 per diluted share, compared to $1,466 million, $3.30 per diluted share, last year. This year's Q2 net income was positively impacted by a $94 million ($0.21 per diluted share) tax benefit due to the deductibility of the $15 per share special dividend to the extent received by 401(k) plan participants. Net income for the first 24 weeks was $3.33 billion, $7.49 per diluted share, compared to $2.83 billion, $6.37 per diluted share, last year.

Q4's membership fee amounted to $1.111 billion. During the same period last year, it was $1.027 billion.

Excluding the impacts from changes in gasoline prices and foreign exchange, comparable e-commerce sales for Q4 grew 16.0%.

Meanwhile, for the month of February, ended March 3, 2024, the company reported net sales of $18.21 billion, a growth of 6.9% from $17.04 billion last year. Net sales for the first 26 weeks were $123.15 billion, a 6.1% rise from $116.06 billion last year. Comparable sales for Canada increased by 8.4%

Costco also scored an industry finance leader in February. Former SVP and CFO of Kroger Gary Millerchip was appointed EVP and CFO of Costco, effective March 15. Millerchip will replace Costco’s Richard Galanti, who is leaving his position but will serve in an advisory role through January 2025.

This article first appeared on sister publication Progressive Grocer

With files from Canadian Grocer Staff

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